New York Stock exchange news in Hindi Urdu. New York Stock exchange was shut down today for several hours. There seemed to be a technical problem rather than a cyber-attack.
In the past few years, this was the longest interruption in trading activities at NYSE. However, trading in NYSE listed stocks continued in Nasdaq, which is another stock exchange. Trading continued four hours later, almost an hour before the closing bell.
The employees had to cancel 700,000 orders manually after the shutdown began. Once the orders were cancelled the system had to be restarted which took forty-five minutes. The initial problems began after the morning bell when small stock orders were unable to go through. The problem first affected a small number of stocks and was resolved immediately but it reappeared soon after and spread through the system.
At noon NYSE declared that it was going to shut down. The exchange posted on twitter that it was going to shut down but no warning was given to the traders on the floor.
The shutdown caused much alarm because a few hours earlier United Airlines temporarily halted all its flights because of a technical problem and some other businesses also had problems with their websites. But NYSE and United Airlines both insisted that it was a technical issue rather than an attack by hackers.
Although there isn’t any proof that the incidents were co-related but these issues reminded the people that in this world of technology were not much is documented on paper no one is really safe. Whether it be the citizens or the investors, these problems pose a threat to everyone.
NYSE has suffered such problems before but none of the scale of Wednesday’s issue. The options exchange which is operation by NYSE functioned normally. The situation is being monitored by law enforcement agencies and federal regulatory authorities. There has been no sign that the problem was created by hackers. Chairwoman of Securities and Exchange Commission stated that they are observing the situation in NYSE and the trading in NYSE listed stocks is also being monitored.
President Barack Obama was also informed about the situation.